Trump wants to eliminate income tax, but replace it with tariffs on imported goods.

[Skylar]

can you explain how??

I can avoid most sales tax by growing my own food and making my own stuff

Sales taxes are regregessive. There aren't say, child tax credits in a sales tax. Or home tax credits. Or a myriad of other ways that working class folks can reduce their tax burdens. Most income taxes are progressive, with higher rates for higher wage earners who can afford to pay more. Meaning that you shift more of the tax burden to those with the most money and less of the tax burden from those with less money.

Consumption taxes like sales taxes generally shift the tax burden away the wealthy and toward the working class. Which is why the wealthy push them so hard.

 

[BlindBoo]

Instead he has broken his promise to the little snowflake and is draining the Petroleum Reserve to keep gasoline prices at the pump low

Contrary to known reality

Weekly U.S. Ending Stocks of Crude Oil in SPR (Thousand Barrels)

 

[Skylar]

We should tax imports from china

If it takes 133% so be it

133% would be on EVERYTHING. Not just China.

 

[Slade3200]

In English that's called derailing a topic

I guess the same would be said about your last post as well.

Isn’t this fun?!

 

[Dragonlady]

By 18 billion dollars. Not by 5000 billion dollars necessary to cover what income tax brought in.

You don't seem to understand the scale of the tariffs necessary to compensate for the loss of income tax revenue.

Orders of magnitude, Canadian.

And we'd have to do it to you too. At least 200% of ANYTHING you ship to us. Any product, any commodity. We're you're number one trading partner. And we'd have to fuck you too. And ourselves, of course.

Our economies would burn together.

Would there be economic pain in Canada???? You betcha. But we're part of the TransPacific Partnership, the British Commonwealth, and since 2008, we've signed trade deals throughout the first world, including Japan and the EU.

Tarriff's are paid by the purchaser, not the seller. We're still getting the same amount of money for our goods, but Canadians stopped buying American goods when Trump slapped the tariff's on, and our exports to the USA went UP not down. We'll just stop buying American made products, and you bet your ass Apple and other big American companies will be selling us their products from their European headquarters in Ireland

Canada and Mexico had been asking to renegotiate NAFTA for years, and insteading of saying "Yes", Trump slapped tarriffs on us and demanded we renegotiate in 2018. US exports to Canada dropped by $7 billion per year in 2019, and a further $36 billion the following year. Our trade surplus went from $18 billion in 2018 under the old agreement, to $68 billion in 2023 under Trump's Agreement.

International Trade

www.census.gov

The rest of the world has become less and less reliant on the USA as you've become more and more economically unstable. Ever since 2008, governments all over the world have been trying to be less reliant on the US for anything in future.

Your election of Donald Trump in 2016, and the economic chaos that ensued when he tore up all of your trade agreements, combined and the possibility of him being re-elected, is acclerating that process.

 

[Mac-7]

How?

I don’t want China’s economy. I don’t know why anyone would.

Neither do I

If you allow china to drive American companies out of business we will have the communist chinese economy sooner or later

I used to say American workers pulling rickshaws for chinese factory bosses in the US

 

[Mac-7]

133% would be on EVERYTHING. Not just China.

I dont see ot that way

I dont propose raising tariffs on canada, japan, the euros, korea, thailand, india and others

Yes tariffs will raise prices, but it wont be the end of civilization as we know it

 

[Mac-7]

I guess the same would be said about your last post as well.

Isn’t this fun?!

You detailed the topic not me

 

[Skylar]

Would there be economic pain in Canada???? You betcha. But we're part of the TransPacific Partnership, the British Commonwealth, and since 2008, we've signed trade deals throughout the first world, including Japan and the EU.

Tarriff's are paid by the purchaser, not the seller. We're still getting the same amount of money for our goods, but Canadians stopped buying American goods when Trump slapped the tariff's on, and our exports to the USA went UP not down. We'll just stop buying American made products, and you bet your ass Apple and other big American companies will be selling us their products from their European headquarters in Ireland

Canada and Mexico had been asking to renegotiate NAFTA for years, and insteading of saying "Yes", Trump slapped tarriffs on us and demanded we renegotiate in 2018. US exports to Canada dropped by $7 billion per year in 2019, and a further $36 billion the following year. Our trade surplus went from $18 billion in 2018 under the old agreement, to $68 billion in 2023 under Trump's Agreement.

International Trade

www.census.gov

The rest of the world has become less and less reliant on the USA as you've become more and more economically unstable. Ever since 2008, governments all over the world have been trying to be less reliant on the US for anything in future.

Your election of Donald Trump in 2016, and the economic chaos that ensued when he tore up all of your trade agreements, combined and the possibility of him being re-elected, is acclerating that process.

You're not recognizing the sheer scope and scale of what Trump is proposing. The tariffs would need to be on EVERY import. We'd fuck Canada's economy so hard. Just like we would any trading partner. We'd fuck ourselves too.

Trump's new proposed tariff's aren't on a narrow cross section of specific imports from Canada. They are a MASSIVE increase on ALL products and commodities from Canada. Every single one.

That's almost half a TRILLION dollars, or roughly 1/4 of your entire GDP at immediate risk. And these aren't minor or trivial increases. But essentially DOUBLING the cost of anything sold in America from Canada.

And you're right. They are paid by the purchaser. If Canadian goods and and commodities doubled in price in the US, why would we buy them? Your export market to your single largest trading partner, responsible for 1/4 of your total GDP.....would collapse.

"Pain" doesn't begin to describe the impact. It would be catastrophic for Canada. And when you predictably retaliated, horrible for the US as well.

The tariff's are a horrible idea across the board.

 

[Marener]

Neither do I

If you allow china to drive American companies out of business we will have the communist chinese economy sooner or later

I used to say American workers pulling rickshaws for chinese factory bosses in the US

Yet your policies are trying to import the Chinese economy to the US.

China does cheap manufacturing. Let them. We have better and more profitable things to do.

 

[Mac-7]

Yet your policies are trying to import the Chinese economy to the US.

China does cheap manufacturing. Let them. We have better and more profitable things to do.

Cheap manufacturing is not the end goal

Communist china wants absolute control of the world economy

Its the US that is standing in their way

 

[Marener]

Cheap manufacturing is not the end goal

Communist china want absolute control of the world economy

Its the US that is standing in their way

What is the goal of increasing tariffs on cheap Chinese goods?

Because the only thing you’re going to do is make that stuff expensive for low to middle income Americans who rely on it to support their quality of life.

 

[Mac-7]

What is the goal of increasing tariffs on cheap Chinese goods?

Because the only thing you’re going to do is make that stuff expensive for low to middle income Americans who rely on it to support their quality of life.

Slowing the growth of china

And saving as much manufacturing in the US as possible

If manufacturing is good for china its good for America too

Also improving our balance of payments

 

[Marener]

Slowing the growth of china

And saving as much manufacturing in the US as possible

If manufacturing is good for china its good for America too

Also improving our balance of payments

China is nearly a third world country. It’s good for them because it raises their productivity up.

We are the most economically prosperous country in the world. It’ll drag us down.

Our workers can be far more productive and valuable doing almost anything else.

Manufacturing cheap crap is not very valuable.

 

[Slade3200]

You detailed the topic not me

You said something another poster posted was a lie… I responded to you with a link.

 

[Mac-7]

China is nearly a third world country. It’s good for them because it raises their productivity up.

There are two china’s on the mainland

Maybe 1/3 are educated and producing something that china can sell on the world market

The rest of china is very poor and very backward

 

[Missourian]

This video estimates that tariffs would have to be at 133%. This would mean that other countries would also put up tariffs on US goods.

So, A) foreign goods for the US would be too expensive for people to buy

B) US goods would be too expensive to sell abroad.

C) This would hit the working classes the hardest. Any tax which taxes what people buy, like sales taxes, is worse for poor people than income taxes, as the poor pay a high proportion of their wages on goods, while the rich don't.

Nothing says "I Don't Care About You, I Just Want Your Vote" than this policy.

Trump Told Rallygoers, 'I Don't Care About You, I Just Want Your Vote'?

"Freudian slip of the century," one X user wrote.

www.snopes.com

We are the engine that drives the world economy. We should be using that fact to our advantage.

America First.

 

[Missourian]

It sounds good to you? Are you a fan of inflation?

We already got the inflation.

Let's bring back the jobs.

 

[Marener]

There are two china’s on the mainland

Maybe 1/3 are educated and producing something that china can sell on the world market

The rest of china is very poor and very backward

The “rest of china” are the poor people manning those assembly lines that you’re so desperate to bring to those country. Why?

 

[Skylar]

We already got the inflation.

Let's bring back the jobs.

We have more employed now than in any time in US history.

As the early 80s demonstrate, inflation can be much, much worse. Reagan faced 12% annual inflation. We're facing about 3.3%.